v2.4.0.8

Income Taxes (Tables)

3 Months Ended

Mar. 29, 2014

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

		Three months ended March 29, 2014
		(unaudited)
Current income tax (benefit)		$	(290,841	)
Deferred income tax expense			93,751
Total income tax benefit		$	(197,090	)

Summary of Federal Statutory Rate and Provision for Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes are as follows:

		Three months ended March 29, 2014
		(unaudited)
		Amount				Impact on Rate
Income tax (benefit) at federal rate		$	(183,204	)			34.00	%
State tax benefit, net of Federal effect			(22,771	)			4.23	%
Permanent Differences:
Meals and entertainment			7,482				-1.39	%
Officer’s life insurance			334				-0.06	%
Total permanent differences			7,816				-1.45	%
Prior period over/under accrual			1,070				-0.20	%
Rounding			(1	)			0.00	%
Total income tax (benefit)		$	(197,090	)			36.58	%

Components of Net Deferred Income Taxes

Significant components of the Company’s net deferred income taxes are as follows:

		March 29, 2014
		(unaudited)
Current Deferred Tax Assets:
Warranty reserve		$	422,398
Repurchase reserve			58,784
Loan loss reserve			89,804
Allowance for doubtful accounts			9,557
Inventory reserve			4,175
Total Current Deferred Tax Asset			584,718
Non-Current Deferred Tax Assets:
Goodwill impairment			1,645,492
Total Non-Current Deferred Tax Assets			1,645,492
Current Deferred Tax Liability:
Prepaid insurance			(40,292	)
Total Non-Current Deferred Tax Liability			(40,292	)
Non-Current Deferred Tax Liability:
Accelerated depreciation			(103,267	)
Sale of assets			8,468
Total Non-Current Deferred Tax Liability			(94,799	)
Total Deferred Tax Assets (Liabilities) - Net		$	2,095,119

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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